Hussain Sajwani Has Major Expansion Plans

Hussain Sajwani is considering an initial public offering of shares for his group, DAMAC properties. A likely IPO venue can be the London Stock Exchange. In fact, the early stages of this potential IPO process are already under way. Hussain Sajwani is keeping all options open considering the size and structure of his DAMAC group. Hence he is taking the advice of banks and talking to several financial institutions too.

Hussain Sajwani is quite clear about his reasons for an IPO. He says that his company has ample cash and bonds to provide them a backup. The debt/equity ratio of DAMAC Properties is just 10 per cent. Hence cash is not needed. But this kind of cash can help in an expansion. All this reflects upon his plans for the future of his group. Read more: Hussain Sajwani | Newskira

There are already speculations on the value of such an IPO. Professionals in Dubai market are projecting a market capitalization that can be in the range of billions of dollars.

He even had the US Army contracts at this time. But he was well aware that his food business was small and had very low margins. This made him realize that he will not be able to make the kind of money that he wanted if he continued with the food business.

It was in 2002 that Hussain Sajwani decided to get into the property business. This was when Dubai was just initiating its real estate boom that would be lasting for six years. He decided that property is going to be the future.

Hussain Sajwani did have some experience in property as his family had already done some of this business in Dubai. Even he had been involved in developing a few mid-market hotels. This was in Deira. It was at a time when the Soviet Union was collapsing. This led to visitors pouring in from that area.